SpinDrive and the EIC Accelerator: Magnetic Bearings for Industry

SpinDrive, founded in 2015 in Lappeenranta, Finland, makes active magnetic bearings, which hold a spinning shaft in a controlled magnetic field instead of on oil-lubricated contact bearings, for turbo blowers, compressors and other high-speed machines. Its Magma X800 system is installed with customers in Germany, France, the US, Finland and other countries, according to SpinDrive. The EIC Accelerator granted it €2,498,470 towards a total cost of €3,569,244 for MAGMA X100, "the smallest, most affordable and efficient active magnetic bearings for ultra-high-speed applications", from July 2024 to December 2026, according to CORDIS.

In April 2026, at Hannover Messe, the Brazilian group WEG, which calls itself the world's largest maker of electric motors, announced a partnership to integrate SpinDrive's bearings and condition monitoring into its motors, according to SpinDrive. In October 2025 SpinDrive raised growth funding led by its long-time investors Rhapsody Venture Partners of the US and Innovestor of Finland, to expand in the US and launch the Magma X100. The amount was not disclosed. Its revenue rose 92% to €1.25 million in 2025, with an operating loss of €1.13 million, according to Asiakastieto.

Where SpinDrive Stands Now

SpinDrive says it serves customers in Finland, the US, Germany, Denmark, France, Italy, Spain, the UK and other countries, with offices in Finland and Germany, and that Nordic Project Fund support enabled a US pilot and a joint development agreement with a US partner, according to SpinDrive. It had 21 employees in 2025, up from 7 in 2021, and in September 2026 was hiring a manufacturing engineer.

The Technology: Shafts That Float

Magnetic bearings remove friction and the need for lubricating oil, which cuts energy losses and maintenance and allows higher speeds. SpinDrive says its bearings raise system efficiency by at least 15%. SpinDrive says existing systems are too large and costly for lower-power machines. The Magma X100 is designed to be small in form factor and "a fraction of the cost" of existing systems, opening lower-power machines to the technology.

What the EIC Award Promised, and What the Record Shows

The project runs until December 2026, so it is too early to judge it. Its first report says the first X100 controller prototype was built and tested, a second was being iterated, and memoranda were signed with two pilot customers, according to CORDIS. The company announced the product's launch as a goal of its 2025 funding; it has not yet been listed as available.

1. X100 controller prototypeBuiltFirst report.
2. Pilot customersSignedTwo MoUs.
3. Commercial launchUnverifiedNot announced.
4. Industrial partnerDeliveredWEG, 2026.

The Money

SpinDrive's revenue grew from €233,000 in 2021 to €1.25 million in 2025, while its operating loss peaked at €1.53 million in 2024 before narrowing. Its equity ratio was 64% in 2025. The EIC grant is roughly twice its 2025 revenue.

What Cannot Be Checked

Why Europe Should Care

SpinDrive cites estimates that half of global electricity use comes from electric motor-driven machinery. Bearings that cut friction and oil in those machines save energy at scale. A partnership with the world's largest motor maker gives a small Finnish company a route to that scale.

The Verdict

SpinDrive and the EIC have not been asked for comment for this article. It is based entirely on public records and published statements, linked throughout.